Providing Guidance As Minnesota Couples Divide Their Property
Property division is often one of the greatest challenges for Minnesota couples navigating the divorce process. No matter how you approach the divorce process, you deserve to have experienced guidance as you work toward a fair solution.
The attorney at Meinerts Law Office, P.A., has decades of experience in family law. From his office in Burnsville, he helps clients throughout the south metro protect their interests and their financial health as they divide their marital property.
Property Division
In Minnesota, property division is handled on a just and equitable basis which means that many different factors will be considered. If you and your spouse are thinking about splitting up, you may be concerned about protecting your assets as many times equitable distribution favors one partner over the other.
Meinerts Law Office, P.A., understands that this can be a valid concern, regardless of whether you are going through a high-asset divorce or have more modest finances to consider. Attorney Merlyn Meinerts knows that you may have specific types of property you want to hold onto, and he is here to give you the best possible chance of doing so.
How Is Marital And Non-marital Property Divided In A Minnesota Divorce?
During the divorce process, the first step in dividing a couple’s property is to determine what of your property is non-marital and what is marital. Essentially, marital property is any type of property that was bought or accumulated during the time you were married. Non-marital property is any type of property which you owned or purchased before the marriage or anything you received (by inheritance or gift) during the marriage.
Once you have assessed and categorized the assets and debt that are “marital” the property will be equitably divided. This marital property may include:
- Bank accounts
- Businesses
- Stocks
- 401(k) accounts
- Real property
- Motor Vehicles
Meinerts Law Office, P.A., recognizes that property division can be a challenging process and that the outcome can have a significant impact on your finances. Experienced property division attorney Merlyn Meinerts can walk you through this complex process.
Frequently Asked Questions
You may have some significant questions about property division as you move toward divorce. To begin with, here are a few of the most common questions and answers to consider:
How do couples split the house in a divorce?
There are a few different tactics. First and foremost, many couples simply sell their home. This makes property division easier because they can pay off any remaining mortgage debt and divide the proceeds that remain from the sale.
Another potential option is for one person to buy out their ex’s share. People sometimes do this if they want to continue living in the home with their children. A third option is for both spouses to continue being joint homeowners, even after the divorce. For instance, couples will sometimes rent out the house or keep it for a few years so they can sell it after the market has gone up and they can maximize their earnings.
What is the impact of debt on property division?
Just like marital assets, marital debt has to be divided. If a couple owes $10,000 on a joint credit card account, they may both be responsible for $5,000. It’s important for them to identify separate and marital debts, and to split up financial obligations appropriately. In some cases, this could affect property division as well. For example, a spouse may agree to take on 100% of the credit card debt if they’re also given certain marital assets that they would like to keep.
What are some common property division mistakes to avoid?
One of the biggest issues is simply misidentifying or misclassifying assets. For instance, even if you were married when you received an inheritance from your parents, it likely counts as a separate asset when you first receive it. But it could be commingled or shared with your spouse, converting it into a marital asset.
Another issue is failing to identify all assets that the two of you own jointly. For example, maybe your spouse recently transferred significant funds to a family member. If you don’t check the financial records and do not see that they made the transaction, those assets may be left out of the property division – and the money could be returned to your spouse by their family member after the divorce. This is known as hiding assets. It is prohibited, but it does happen.
Take The First Step Toward A Fair Resolution
Experienced guidance on how to protect your interests during property division is a phone call away. Contact attorney Merlyn Meinerts now or call his Burnsville office at 952-208-8500 to make an appointment for a phone consultation.